Some of Florida's biggest housing markets are now overvalued

| 5/7/2018

Some of Florida's biggest housing markets are now overvalued

Home prices have been rising steadily since the recession, but the gains are suddenly accelerating as spring demand heats up in an already highly lean and competitive market. Prices surged 7 percent higher in March compared with a year ago, according to CoreLogic. That is the biggest gain since May 2014. Half of the nation's 50 largest markets are now considered overvalued, meaning home prices are at least 10 percent higher than the long-term, sustainable level. Miami and Orlando are overvalued, as is Las Vegas, San Francisco, Denver, Los Angeles, Houston and Washington, D.C. See the news release from CoreLogic, here. You can also sign up with CoreLogic to download the full report, and read more at CNBC.

South Florida mortgage applications denied at higher rate than most of US

Homebuyers in South Florida get turned down for mortgages at a higher rate than most other metropolitan areas in the U.S., a new study shows. About 11 percent of mortgage applications in 2016 were rejected across the region, which is higher than the 8 percent national average. [Source: Daily Business Review]

Tallahassee commercial and residential development picks up pace

Drive around Tallahassee and construction work isn't hard to spot. From downtown, the Gaines Street district, the northeast and the south side, cranes are in the air. Permits for grand and small-scale commercial and residential projects are inundating the city's Growth Management Department, showing no immediate signs of receding. [Source: Tallahassee Democrat]

Why was real estate season so busy in Palm Beach?

If the Palm Beach real estate market were a magnum of Dom Perignon, you would surely have heard a loud “pop” this season. That’s because the bottleneck holding back single-family sales over the past couple of years finally broke with a rush of closings. [Source: Palm Beach Daily News]

National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations. The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $102.9 million, or 67 cents per share, in the period. [Source: AP]

STAT OF THE WEEK$250,800 The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year. [Source: Citrus County Chronicle]

› Orlando's top CBRE exec Bill Moss retires, replacement named[Orlando Business Journal] A big leadership change was announced on May 1 for Central Florida's largest commercial real estate brokerage. Longtime Orlando's Senior Managing Director Bill Moss, who founded the local office for the firm in the 1980s, announced his upcoming retirement.